MGT 203 Managerial Economics
管理经济学考试代考 Question 1 What do economists mean when they say that “there is no free lunch”? Give an example to which this statement applies.
Question 1
What do economists mean when they say that “there is no free lunch”? Give an example to which this statement applies.
Question 2 管理经济学考试代考
Given the products below and the events that affect them, indicate what happens to demand, supply, equilibrium quantity, and equilibrium price in a competitive market.
(a) Home heating oil. There is a severe winter in the regions using the oil; the cost of a barrel of oil rises for producers of home heating oil.
(b) Organic foods. People become more concerned about chemical additives in food; traditional farms are switching to more organic methods.
(c) Bread. Many consumers adopt a low carbohydrate diet and avoid bread products; the price of flour falls for bread producers.
Question 3
Give a brief description of the law of diminishing marginal utility and use it to explain the downward slope of the demand curve.
Question 4 管理经济学考试代考
For each of the following changesin demand and/orsupply , indicate the effect (i.e., increase (+), decrease (–), or indeterminant (?)) on equilibrium price (P) and equilibrium quantity (Q).
(a) Increase in demand, increase in supply
(b) Increase in demand, decrease in supply
(c) Decrease in demand, decrease in supply
(d) Decrease in demand, increase in supply
Question 5
Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4,000 units of its output at $300 per unit, what is its accounting profit? What is its economic profit? Briefly explain the difference between accounting profit and economic profit.
Question 6 管理经济学考试代考
A consumer has an income of $24 to spend each day. The only two goods the consumer is interested in purchasing are goods A and B. The marginal‐utility schedules for these two goods are shown in the table below. The price of B does not change and is $2. The marginal utility per dollar from B is also shown in the table. But the price of A varies as shown in the table. The marginal utility per dollar from A when the price of A is $8 and $4 is shown in the following table.
(a) The price of A is $8 and the price of B is $2. How many units of A will the consumer buy? How many units of B will the consumer buy?
(b) The price of A is $4 and the price of B is $2. How many units of A will the consumer buy? How many units of B will the consumer buy?
Question 7 管理经济学考试代考
For the following three cases, use a midpoints formula to calculate the coefficient for the cross elasticity of demand and identify the type of relationship between the two products.
(a) The quantity demanded for product A increases from 30 to 40 as the price of product B increases from $0.10 to $0.20.
(b) The quantity demanded for product A decreases from 3000 to 1500 as the price of good B increases from $5 to $10.
(c) The quantity demanded for product A remains 400 units as the price of product B increases from $25 to $30.
